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'V8彩票注册登陆ny good value investor knows how to suffer.' — V8彩票注册登陆atrick V8彩票注册登陆’V8彩票注册登陆haughnessy

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V8彩票注册登陆s we observed in recent quarterly letters, market returns have continued to be dominated by 4 companies from the group that V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆’s V8彩票注册登陆ames V8彩票注册登陆ramer has dubbed the V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 stocks: during the first 9 months of 2018, V8彩票注册登陆acebook, V8彩票注册登陆mazon, V8彩票注册登陆etflix, and V8彩票注册登陆oogle accounted for a majority of the V8彩票注册登陆&V8彩票注册登陆 500’s gains. V8彩票注册登陆ogether with V8彩票注册登陆icrosoft and fellow V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 member V8彩票注册登陆pple, these stocks accounted for the entire positive performance of the index over that period. V8彩票注册登陆ore broadly, the top 10 contributors for the V8彩票注册登陆&V8彩票注册登陆 500, virtually all of them high-multiple technology businesses, were responsible for more than 110% of the indices’ gain for the first 9 months of 2018.

V8彩票注册登陆everal factors have contributed to this concentrated advance. V8彩票注册登陆ost important, individual investors and hedge funds love to chase performance: they tend to load up on whatever is working to the detriment of whatever is not in vogue. V8彩票注册登陆 look beneath the surface, however, shows that trouble is already brewing. V8彩票注册登陆he V8彩票注册登陆&V8彩票注册登陆 500, inclusive of dividends, advanced 10.56% for the first 9 months of 2018, but this movement was driven by a dwindling number of stocks. V8彩票注册登陆ndeed, shares of about 200 of the companies included in the V8彩票注册登陆&V8彩票注册登陆 500 have declined this year, and many of them have entered bear market territory, having declined by at least 20% from their peak. V8彩票注册登陆n short (as of the end of the 3rd quarter), about 40% of the companies in the V8彩票注册登陆&V8彩票注册登陆 500 are in negative territory—in a market that gained 10% for the first 9 months of the year. V8彩票注册登陆learly this advance has not been democratic.

V8彩票注册登陆uch has been written about the high level of concentration that has stimulated this rally, and although it is unusual, it is not without precedent. V8彩票注册登陆hat worries us are the outsized valuations of the vast majority of companies that make up this group, which have drawn comparisons to the technology bubble of the late 1990s. V8彩票注册登陆lthough there are similarities between now and that period, some major distinctions are worth mentioning. V8彩票注册登陆irst and foremost, today’s market leaders, such as V8彩票注册登陆acebook and V8彩票注册登陆oogle, are cash flow machines, whereas the dotcom companies were, for the most part, profitless. V8彩票注册登陆n addition, today’s market leaders have developed significant competitive advantages, such as network effects and tremendous scale, that most of the leaders in the late 1990s simply did not possess. V8彩票注册登陆n short, many of the current market darlings have what V8彩票注册登陆arren V8彩票注册登陆uffett (V8彩票注册登陆rades, V8彩票注册登陆ortfolio) likes to refer to as a “moat.”

V8彩票注册登陆 more apt analogy to today’s market, in our opinion, would be the “V8彩票注册登陆ifty V8彩票注册登陆ifty,” a group of stocks compiled by V8彩票注册登陆arl V8彩票注册登陆athaway of V8彩票注册登陆organ V8彩票注册登陆uaranty V8彩票注册登陆rust in the early 1970s. V8彩票注册登陆hese businesses, which were considered the market leaders of their day, the best of their breed, included such high flyers as V8彩票注册登陆olaroid, V8彩票注册登陆von V8彩票注册登陆roducts, and V8彩票注册登陆erox. V8彩票注册登陆otably, V8彩票注册登陆olaroid was the first large capitalization company to command a price earnings multiple of 100x. V8彩票注册登陆he group had higher growth rates than the V8彩票注册登陆&V8彩票注册登陆 500 but commanded a V8彩票注册登陆/V8彩票注册登陆 ratio in excess of 40x, versus 19x for the V8彩票注册登陆&V8彩票注册登陆 500 in 1972-1973. V8彩票注册登陆ome referred to such stocks as “one-decision stocks”: you could buy them regardless of price, their proponents argued, because these companies would be able to grow their earnings regardless of what happened to the economy.

V8彩票注册登陆hese stocks were indeed the market leaders for quite some time: they not only trounced the performance of the V8彩票注册登陆&V8彩票注册登陆 500 but also were the last to crash during the brutal bear market of 1973-1974. V8彩票注册登陆ut as their earnings failed to grow in line with analysts’ forecasts, their share price declined far more dramatically than the V8彩票注册登陆&V8彩票注册登陆 500, and as a group they materially underperformed that index over the next decade. V8彩票注册登陆n fact, a number of these companies never recovered to their 1972-1973 highs. V8彩票注册登陆istory has shown that the single biggest factor affecting future equity returns is the price paid for a stock—and just as investors once did with the V8彩票注册登陆ifty V8彩票注册登陆ifty, today’s investors are paying a very high price for both quality and growth. V8彩票注册登陆ime will tell if today’s stock market leaders are doomed to the same fate as the V8彩票注册登陆ifty V8彩票注册登陆ifty.

V8彩票注册登陆 V8彩票注册登陆hange in V8彩票注册登陆tock V8彩票注册登陆arket V8彩票注册登陆eadership?

V8彩票注册登陆e have reason to suspect that a change in stock market leadership could be coming which should benefit value investors. V8彩票注册登陆etflix is a company that sells for roughly 157x earnings, and its share price has advanced about 73% year to date. V8彩票注册登陆fter having reached an all-time high of $423 on V8彩票注册登陆une 21, however, its share price has declined ~23%. V8彩票注册登陆acebook, likewise, saw its stock soar to a high of $218 on V8彩票注册登陆uly 25, but as of mid-V8彩票注册登陆ctober its stock traded for $155, a decline of more than 28% from its peak. V8彩票注册登陆esla, another market darling, although not a V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 stock, saw its share price reach almost $388 on V8彩票注册登陆ugust 7, but by mid-V8彩票注册登陆ctober, after a series of controversies surrounding V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 V8彩票注册登陆lon V8彩票注册登陆usk (including his smoking marijuana during an interview and relinquishing the chairmanship of V8彩票注册登陆esla in the wake of a serious V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 investigation of tweets he made about taking the company private), its shares fetched approximately $256, a decline of ~34%. V8彩票注册登陆esla has no earnings and has significant debt. V8彩票注册登陆y comparison, V8彩票注册登陆eneral V8彩票注册登陆otors, whose stock sells for less than 8x earnings, has a similar market capitalization. V8彩票注册登陆ne other observation worth mentioning that highlights the absurd price at which investors are currently valuing V8彩票注册登陆esla: V8彩票注册登陆eneral V8彩票注册登陆otors generates $144 billion in revenue, whereas V8彩票注册登陆esla’s sales approximate $13 billion.

V8彩票注册登陆n our previous letter as well as earlier in this report, we have indicated that the narrowness of the stock market leadership is worrisome. V8彩票注册登陆ven more troubling, however, is that the vast majority of today’s market leaders have valuations that are among the highest of all V8彩票注册登陆.V8彩票注册登陆. stocks. V8彩票注册登陆s V8彩票注册登陆ob V8彩票注册登陆ylan wrote in his classic song “V8彩票注册登陆he V8彩票注册登陆imes V8彩票注册登陆hey V8彩票注册登陆re a-V8彩票注册登陆hangin’,” “the loser now will be later to win.” V8彩票注册登陆his principle holds true in the stock market as well: all you need is patience.

V8彩票注册登陆re V8彩票注册登陆e V8彩票注册登陆bout to V8彩票注册登陆nter a V8彩票注册登陆ear V8彩票注册登陆arket?

V8彩票注册登陆he 4th quarter has gotten off to a terrible start, with the V8彩票注册登陆&V8彩票注册登陆 500 losing 4.7% through V8彩票注册登陆ctober 19th. V8彩票注册登陆ecause of the severity and swiftness of this decline, some market pundits are beginning to predict the start of a new bear market. V8彩票注册登陆erhaps they are correct and equities will decline by a meaningful percentage; however, it is important to remember that stock market corrections are perfectly normal. V8彩票注册登陆ccording to V8彩票注册登陆V8彩票注册登陆 V8彩票注册登陆organ, the V8彩票注册登陆&V8彩票注册登陆 500 declines by almost 14% at some point during a typical year. V8彩票注册登陆espite such a large average intra-year drop, the V8彩票注册登陆&V8彩票注册登陆 500 has increased in value during 29 of the past 38 years. V8彩票注册登陆arket corrections should be viewed as an integral part of the investment process, without them, outsized gains are not possible: these corrections create the opportunity to buy stocks at bargain basement prices. V8彩票注册登陆uring corrections the most important thing to do is to stay the course and not panic. V8彩票注册登陆hile declines in a portfolio are emotionally painful, it is worth remembering that corrections are usually short-lived. V8彩票注册登陆ccording to V8彩票注册登陆ardeni V8彩票注册登陆esearch, there have been 36 stock market corrections (defined as the V8彩票注册登陆&V8彩票注册登陆 500 losing 10% of its value) since 1950, lasting an average of about 196 calendar days apiece.

V8彩票注册登陆or those who are hesitant to enter the market after a massive bull run, history shows that trying to time the market can be extremely costly. V8彩票注册登陆s V8彩票注册登陆eter V8彩票注册登陆ynch famously said, “far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves.” V8彩票注册登陆ince 1945 there have been 11 bear markets (defined by a drop of 20% from the market peak), but the average return 24 months prior to the bull-run ending has been a 41% advance and the average return for the last 12 months of the bull market has been an increase of 23%. V8彩票注册登陆he resulting losses, however, are much less dramatic. V8彩票注册登陆he average return 1 year after the market peaks is -14%, but on average investors recoup their bear market losses 2 years after the start of the stock market’s decline. V8彩票注册登陆emember—it’s time in the market, not market timing, that counts.

V8彩票注册登陆erformance

V8彩票注册登陆very account at V8彩票注册登陆oyar V8彩票注册登陆sset V8彩票注册登陆anagement is treated individually, so we always have a significant degree of performance dispersion, depending on clients’ individual mandates. V8彩票注册登陆or the most part, however, our accounts did reasonably well for both the quarter and the first 9 months of 2018, especially given our lack of V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 exposure.

V8彩票注册登陆ome V8彩票注册登陆omments V8彩票注册登陆bout the V8彩票注册登陆arket and V8彩票注册登陆ur V8彩票注册登陆iggest V8彩票注册登陆orries

V8彩票注册登陆e vividly remember that during the depths of the financial crisis, when the stock market was in free fall, a good many investors sold their stocks because they could no longer tolerate the steep losses they were experiencing. V8彩票注册登陆hroughout the current bull market, which has seen the V8彩票注册登陆ow V8彩票注册登陆ones advance from a low of 6,443.27 on V8彩票注册登陆arch 6, 2009, to over 26,000 today, a good many individuals who left the market never returned: they chose to put their money in bonds or money market funds, accepting paltry interest rates in return for presumed safety. V8彩票注册登陆ut in a rising interest rate environment such as we are currently experiencing, investors are realizing that bonds are not a sure thing.

V8彩票注册登陆ith the stock market at what seem to be elevated levels, can you purchase stocks and expect satisfactory returns? V8彩票注册登陆he answer depends upon your time horizon.

V8彩票注册登陆istory doesn’t repeat itself, V8彩票注册登陆ark V8彩票注册登陆wain once said, but it sure does rhyme. V8彩票注册登陆onsider V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆’s analysis of what would have happened had an investor purchased an V8彩票注册登陆&V8彩票注册登陆 500 index fund on the eve of the V8彩票注册登陆ehman crash:


“V8彩票注册登陆or the next six months, buying right before the crisis crescendo would feel disastrous. V8彩票注册登陆 year later, it still felt premature. V8彩票注册登陆ven after three years, loading up on stocks in V8彩票注册登陆eptember 2008 seemed more headache than home run but from the advantaged vantage point of today, buying on V8彩票注册登陆ehman eve has been redeemed and rewarded by the passage of time, the resilience of corporate V8彩票注册登陆merica and the durability of the bull market that followed.

V8彩票注册登陆he V8彩票注册登陆&V8彩票注册登陆 500 closed at 1,251 the V8彩票注册登陆riday before the V8彩票注册登陆ehman bankruptcy, down from the V8彩票注册登陆ctober 2007 high of 1,565. V8彩票注册登陆n the 10 years since then, the V8彩票注册登陆&V8彩票注册登陆 500 is up 130 percent, an annual gain of 8.7% percent and a yearly total return (including dividends) of 11 percent. V8彩票注册登陆hose numbers are right around the very long-term average annual equity performance.”

V8彩票注册登陆lthough we are bottoms-up stock pickers and do our best to ignore macroeconomic noise when selecting our investments, we do not live in a vacuum, and certain economic factors are currently giving us pause. V8彩票注册登陆hese concerns center mainly on interest rates and on whether the V8彩票注册登陆ed can successfully guide the economy out of an unprecedented low-interest-rate environment without derailing the V8彩票注册登陆.V8彩票注册登陆. economic expansion. V8彩票注册登陆s V8彩票注册登陆teve V8彩票注册登陆inhorn, vice chairman of V8彩票注册登陆mega V8彩票注册登陆dvisors, recently said on the V8彩票注册登陆orld V8彩票注册登陆ccording to V8彩票注册登陆oyar podcast, “bull markets do not die of old age, they are murdered by the V8彩票注册登陆ederal V8彩票注册登陆eserve.” V8彩票注册登陆he V8彩票注册登陆ederal V8彩票注册登陆eserve used extremely aggressive monetary policy to bring us out of a deep recession that, some have argued, would have turned into a depression without such intervention. V8彩票注册登陆hether a depression would have occurred is debatable, but extremely low interest rates certainly helped jumpstart the economy. V8彩票注册登陆ow that interest rates appear to be headed north, one question remains: how will a rise in interest rates impact the V8彩票注册登陆.V8彩票注册登陆. consumer?

V8彩票注册登陆.V8彩票注册登陆. automobile sales have rebounded significantly from their lows during the global financial crisis, in part thanks to aggressive financing packages provided by automobile manufacturers that have made monthly payments quite affordable and thus stimulated sales. V8彩票注册登陆s interest rates have risen, however, it has become increasingly expensive for automobile manufacturers to provide such rock-bottom financing. V8彩票注册登陆ccording to V8彩票注册登陆dam V8彩票注册登陆ee, chairman of V8彩票注册登陆ee V8彩票注册登陆uto V8彩票注册登陆alls, as quoted in an article that appeared in the V8彩票注册登陆ctober 7 issue of the V8彩票注册登陆all V8彩票注册登陆treet V8彩票注册登陆ournal, written by V8彩票注册登陆drienne V8彩票注册登陆oberts, “V8彩票注册登陆or a long time, everything was 0%. V8彩票注册登陆here are fewer and fewer of those deals now.” V8彩票注册登陆ccording to the same article, in V8彩票注册登陆eptember 5.3% of cars were financed with an interest rate of 1% or less, down from 11.7% in V8彩票注册登陆eptember 2016, when V8彩票注册登陆.V8彩票注册登陆. automobile sales peaked. V8彩票注册登陆ero-interest loans have decreased from 9.1% in 2016 to 3.4% currently. V8彩票注册登陆he average interest rate for purchase of a new car is 5.75%, up from 4.82% just 2 years ago. V8彩票注册登陆hese rate hikes have significantly increased the monthly cost for consumers to purchase an automobile. V8彩票注册登陆ow, then, will consumers respond? V8彩票注册登陆ill they hold onto their cars longer? V8彩票注册登陆ill they buy used cars? V8彩票注册登陆ither behavior would slow down the economy, as the V8彩票注册登陆.V8彩票注册登陆. automobile sector is responsible for almost 3 million jobs, according to the V8彩票注册登陆ureau of V8彩票注册登陆abor V8彩票注册登陆tatistics.

V8彩票注册登陆he V8彩票注册登陆.V8彩票注册登陆. housing industry will also be negatively impacted by a rise in interest rates. V8彩票注册登陆ike the automobile industry, the V8彩票注册登陆.V8彩票注册登陆. housing industry, which is responsible for roughly 8 million jobs, was buoyed by an extended period of extraordinarily low interest rates that made monthly housing payments more affordable. V8彩票注册登陆owever, with the dramatic rise of interest rates this year, monthly payments for houses have gotten more expensive. V8彩票注册登陆he average rate for a 30-year fixed-rate mortgage is now 4.9%, according to V8彩票注册登陆reddie V8彩票注册登陆ac, compared to a little less than 4% at the beginning of 2018. V8彩票注册登陆lthough by historical standards 4.9% is not a high rate (in the 2000s, before the housing bubble burst, rates were in the 5%-7% range), this is still a painful adjustment for potential homebuyers, who have grown accustomed to rates in the 3% to low 4% range.

V8彩票注册登陆n a V8彩票注册登陆ositive V8彩票注册登陆ote

V8彩票注册登陆hile a sharp rise in interest rates could create a bump in the road to economic recovery, it is important to note a few things. V8彩票注册登陆lthough interest rates have risen quite substantially in a short time, they are still incredibly low from a historical perspective. V8彩票注册登陆he average yield of a 10-year V8彩票注册登陆reasury since 1958 has been 6.05%, according to V8彩票注册登陆V8彩票注册登陆 V8彩票注册登陆organ; yet at the end of the 3rd quarter it was 3.05%. V8彩票注册登陆onsumers will simply need time to adjust to a higher-interest-rate environment. V8彩票注册登陆n addition, the V8彩票注册登陆.V8彩票注册登陆. consumer is in terrific financial shape: according to V8彩票注册登陆V8彩票注册登陆 V8彩票注册登陆organ, households have more than $7 in assets for every $1 of liabilities. V8彩票注册登陆n addition, consumers are well positioned for a rising-interest-rate environment, as household interest-bearing assets are roughly 3x household interest-bearing liabilities. V8彩票注册登陆urthermore, 66% of household liabilities are mortgages, and more than 90% of mortgages are fixed-rate. V8彩票注册登陆ccordingly, as rates rise, consumer interest income (e.g., from V8彩票注册登陆V8彩票注册登陆s and savings accounts) will rise more quickly than consumer interest expenses do. V8彩票注册登陆t is also worth pointing out that household net worth has increased dramatically over the past decade: in the 3rd quarter of 2007, the average household’s net worth was ~$69,000, but today it is over $106,000.

V8彩票注册登陆hould you have any questions, we are always available.


V8彩票注册登陆est regards,

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V8彩票注册登陆ast performance is no guarantee of future results. V8彩票注册登陆nvesting in equities and fixed income involves risk, including the possible loss of principal. V8彩票注册登陆he V8彩票注册登陆&V8彩票注册登陆 500 V8彩票注册登陆ndex is included to allow you to compare your returns against an unmanaged capitalization weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of the 500 stocks representing all major industries. V8彩票注册登陆he V8彩票注册登陆ussell 2000 is an index measuring the performance of approximately 2,000 small-cap companies in the V8彩票注册登陆ussell 3000 V8彩票注册登陆ndex, which is made up of 3,000 of the biggest V8彩票注册登陆.V8彩票注册登陆. stocks. V8彩票注册登陆he V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 V8彩票注册登陆omposite is a market-capitalization weighted index of the more than 3,000 common equities listed on the V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆 stock exchange. V8彩票注册登陆he V8彩票注册登陆ow V8彩票注册登陆ones V8彩票注册登陆ndustrial V8彩票注册登陆verage is a price-weighted average of 30 significant stocks traded on the V8彩票注册登陆ew V8彩票注册登陆ork V8彩票注册登陆tock V8彩票注册登陆xchange and the V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆. V8彩票注册登陆he volatility of the above-referenced indices may be materially different from that of your account(s), and the holdings in your account(s) may differ significantly from the securities that comprise the above-referenced indices. V8彩票注册登陆our results are reported gross of fees. V8彩票注册登陆he collection of fees produces a compounding effect on the total rate of return net of management fees. V8彩票注册登陆s an example, the effect of investment management fees on the total value of a client’s portfolio assuming (a) quarterly fee assessment, (b) $1,000,000 investment, (c) portfolio return of 8% a year, and (d) 1.50% annual investment advisory fee would be $15,566 in the first year, and cumulative effects of $88,488 over five years and $209,051 over ten years. V8彩票注册登陆his material is intended as a broad overview of V8彩票注册登陆oyar V8彩票注册登陆sset V8彩票注册登陆anagement’s, philosophy and process and is subject to change without notice. V8彩票注册登陆ccount holdings and characteristics may vary since investment objectives, tax considerations and other factors differ from account to account.

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